Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $955,900 cash. At the acquisition date, Stanfords total fair value, including the noncontrolling interest, was assessed at $1,194,875. Also at the acquisition date, Stanford's book value was $524,400.

Several individual items on Stanfords financial records had fair values that differed from their book values as follows:

	Book Value				Fair Value
Trade names (indefinite life)	$	292,200			$	374,600
Property and equipment (net, 8-year remaining life)		236,800				254,400
Patent (14-year remaining life)		120,400				161,000

For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies.

	Plaza				Stanford
Revenues	$	(828,400	)		$	(746,400	)
Cost of goods sold		458,000				321,700
Depreciation expense		194,100				29,600
Amortization expense		0				23,000
Equity in income of Stanford		(293,600	)			0
Net income	$	(469,900	)		$	(372,100	)
Retained earnings, 1/1/21	$	(1,036,500	)		$	(430,000	)
Net income		(469,900	)			(372,100	)
Dividends declared		243,900				22,000
Retained earnings, 12/31/21	$	(1,262,500	)		$	(780,100	)
Current assets	$	698,900			$	350,700
Investment in Stanford		1,231,900				0
Trade names		195,200				292,200
Property and equipment (net)		837,800				207,200
Patents		0				97,400
Total assets	$	2,963,800			$	947,500
Accounts payable	$	(115,600	)		$	(73,000	)
Common stock		(244,000	)			(74,000	)
Additional paid-in capital		(1,341,700	)			(20,400	)
Retained earnings (above)		(1,262,500	)			(780,100	)
Total liabilities and equities	$	(2,963,800	)		$	(947,500	)

At year-end, there were no intra-entity receivables or payables.

Prepare a worksheet to consolidate the financial statements of Plaza, Inc., and its subsidiary Stanford. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.)

Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $955,900 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,194,875. Also at the acquisition date, Stanford's book value was $524,400. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Book Value $292,200 Fair Value $374,600 Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 236,800 120,400 254,400 161,000 For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Plaza $ (828,400) 458,000 194,100 0 (293,600) $ (469,900) Stanford $ ( 746,400) 321,700 29,600 23,000 0 $ (372,100) Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $(1,036,500) (469,900) 243,900 $(1,262,500) $ (430,000) (372,100) 22,000 $ (780,100) $ Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets 698,900 1,231,900 195,200 837,800 $ 350, 700 0 292,200 207, 200 97,400 $ 947,500 $ 2,963,800 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (115,600) (244,000) (1,341,700) (1,262,500) $(2,963,800) $ (73,000) (74,000) (20,400) (780, 100) $ (947,500) At year-end, there were no intra-entity receivables or payables. Prepare a worksheet to consolidate the financial statements of Plaza, Inc., and its subsidiary Stanford. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) For rear Ending December 31, 2021 Consolidation Entries Consolidated Noncontrolling Interest Accounts Debit Credit Totals $ Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Plaza Stanford (828,400) $ (746,400) 458,000 321,700 194,100 29,600 0 23,000 (293,600) 0 (469,900) $ (372,100) 223,700 23,000 Net income $ Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1/21 Net income $ Dividends declared $ (430,000) (372,100) 22,000 $ (780, 100) $ 350.700 $ (1,036,500) (469,900) 243,900 (1,262,500) 698,900 1,231,900 195,200 837,800 $ Retained earnings, 12/31/21 Current assets Investment in Stanford Tradenames Property and equipment (net) Patents Goodwill 0 292,200 207,200 97,400 0 Total assets $ $ 947,500 2,963,800 (115,600) (244,000) (1,341,700) (73,000) (74,000) (20,400) Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities (1,262,500) (2,963,800) (780,100) $ (947,500) $ $ 246,700 $ 0